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Sure that's how you feel as a seller... But as a buyer I'm not going to overpay for your house by $70k to put your kids through college either. My family is looking for a home right now. We've put in what apparently people on this board consider to be "low ball" offers but it's been over 3 months and most of the properties we looked at over the summer are still sitting there with 10K knocked off the prices waiting for "non-low ball" buyers. So we'll keep sitting too. It's like a stare down war, someone is going to have to eventually blink and give in.
Same here. I put an offer in on a house weeks ago that was rejected without a counter. It's still sitting... along with hundreds of other houses in its price range, in a city with a higher inventory than it's ever been.
As much as I like the house, and still do, it makes no sense to try to negotiate with people who aren't serious about selling.
There's a house on the river about 1/4 mi away from my home. It's been empty for about 3 years now and up for sale all of that time. It started out at 599K and is now down to 499K. Well, every month the owners pay another payment plus they are paying for interior cleaning, utilities, yardwork, snow removal, and general house maintenance. They only owned the home a few years so I'm thinking all this is costing them @ 3K per month. So they have lowered the price 100K and lost another 100K in payments and maintenance. They change realtors 3 or 4 times a year so I'm guessing they aren't getting too many offers. It's a nice home but I don't think they will ever get that much money. The only other home in the area comparable to theirs is mine. My home is larger but older and still 110K less than theirs.
Here's my point, if they just would have lowered the price 200K in the beginning, it might have sold and saved them a lot of heartache and frustration. With Winter here now, they probably won't sell for yet another year.
There's a house on the river about 1/4 mi away from my home. It's been empty for about 3 years now and up for sale all of that time. It started out at 599K and is now down to 499K. Well, every month the owners pay another payment plus they are paying for interior cleaning, utilities, yardwork, snow removal, and general house maintenance. They only owned the home a few years so I'm thinking all this is costing them @ 3K per month. So they have lowered the price 100K and lost another 100K in payments and maintenance. They change realtors 3 or 4 times a year so I'm guessing they aren't getting too many offers. It's a nice home but I don't think they will ever get that much money. The only other home in the area comparable to theirs is mine. My home is larger but older and still 110K less than theirs.
Here's my point, if they just would have lowered the price 200K in the beginning, it might have sold and saved them a lot of heartache and frustration. With Winter here now, they probably won't sell for yet another year.
Classic example of people who make the mistake in a down market of "chasing" pricing. When you make a suggestion for being aggressive in the beginning, alot of times people mistakenly confuse that for "giving your house away" which is the furthest from the truth.
There's a house on the river about 1/4 mi away from my home. It's been empty for about 3 years now and up for sale all of that time. It started out at 599K and is now down to 499K. Well, every month the owners pay another payment plus they are paying for interior cleaning, utilities, yardwork, snow removal, and general house maintenance. They only owned the home a few years so I'm thinking all this is costing them @ 3K per month. So they have lowered the price 100K and lost another 100K in payments and maintenance. They change realtors 3 or 4 times a year so I'm guessing they aren't getting too many offers. It's a nice home but I don't think they will ever get that much money. The only other home in the area comparable to theirs is mine. My home is larger but older and still 110K less than theirs.
Here's my point, if they just would have lowered the price 200K in the beginning, it might have sold and saved them a lot of heartache and frustration. With Winter here now, they probably won't sell for yet another year.
In this market, well actually even if the market is strong, you really just never know. I always advise to just list a house at a reasonable price, never too low or ridiculously high. However, you can't always explain that to people, they think their house should sell for what THEY think it's worth. The two values don't always mesh. I think it's very true, in this case, that something is only worth what someone else will pay for it.
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